July CPI rises 1.8%, hitting a 30-month low
Release Time:
2012-09-05 18:13
Source:
China General Chamber of Commerce
On August 9, the National Bureau of Statistics released data showing that in July, the national Consumer Price Index (CPI) rose by 1.8% year-on-year, hitting a 30-month low; the Producer Price Index (PPI) for industrial products fell by 2.9% year-on-year, marking five consecutive months of negative growth.
In July, among the 1.8% year-on-year increase in the national overall consumer price level, urban areas rose by 1.9%, rural areas by 1.5%; food prices increased by 2.4%, non-food prices by 1.5%; consumer goods prices rose by 1.7%, and service prices increased by 2.0%. From January to July, the national overall consumer price level rose by 3.1% compared to the same period last year.
In July, the national overall consumer price level rose by 0.1% month-on-month. Among them, urban areas rose by 0.1%, rural areas remained flat; food prices fell by 0.1%, non-food prices rose by 0.2%; consumer goods prices fell by 0.1%, and service prices rose by 0.6%. Housing rent rose by 3.1% year-on-year and 0.2% month-on-month. Of the 1.8% increase, about 0.9 percentage points were due to last year's price increases carrying over, and about 0.9 percentage points were due to new price increases.
Experts point out that a low increase does not mean low prices. The relatively low increase in July was largely influenced by the decline of the carry-over effect; a CPI below "2" does not mean entering a "low-price era." As long as the CPI month-on-month remains positive, it means prices are still rising compared to the previous month. With international oil price hikes and vegetable price increases caused by floods, prices will continue to rise gradually.
Note:
1. Indicator explanation: The Consumer Price Index (CPI) measures the relative change over time in the prices of consumer goods and services purchased by residents, comprehensively reflecting the price level changes of goods and services bought by residents.
2. Statistical scope: The national Consumer Price Index (CPI) covers prices of food, tobacco and alcohol and related products, clothing, household equipment and maintenance services, medical care and personal items, transportation and communication, entertainment, education, cultural goods and services, housing, and other eight major categories, totaling 262 basic classifications of goods and services. Data is sourced from 31 provinces (regions, municipalities), 500 cities and counties, and 63,000 price survey points nationwide, including grocery stores, department stores, supermarkets, convenience stores, specialty markets, specialty stores, shopping centers, as well as farmers' markets and service consumption units.
3. Survey method: A sampling survey method is used to select survey points, following the principle of "fixed personnel, fixed locations, fixed times," with personnel directly dispatched to survey points to collect original prices.
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